D&O (Directors and Officers)
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The carrier is planning a limited relaunch into the UK D&O market. -
The BP Marsh-backed MGA launched earlier this year, led by Adam Kembrooke.
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Plus, the latest people moves and all the top news of the week.
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Rates are bottoming out, but ample capacity is still preventing a hardening market.
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Worsening trading conditions in the D&O market are leading to staff cutbacks.
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A number of staff will be leaving the D&O team as a result of the restructuring.
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The move will impact around $50mn of gross written premiums in total.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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The broker has noted that double-digit reductions are increasingly available in property.
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The insurer denies it is responsible for the actor’s legal fees.
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Claims were concentrated in the US, with a significant increase in D&O class actions.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.
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The carrier will focus on mid-market business outside of Lloyd’s.
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The MGA is building out its product base from its latent defects and surety offering.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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The move was influenced by fierce competition in the domestic US D&O market.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
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Larger companies ranked regulatory breach as their top risk.
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The London wholesaler rebranded from GAWS of London in March last year.
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The facility is backed by a $10mn Lloyd’s binder.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
